Alibaba buys minority stake in ShopRunner: report
LOS ANGELES (MarketWatch) — Chinese e-commerce company Alibaba has purchased a minority stake in online shopping network ShopRunner for million, according to a Financial Times report. The move comes as the company looks for investments aimed at helping it learn more about the U.S. retail market, the Friday report said, citing unnamed sources. Earlier this year, Alibaba invested in sports apparel retailer Fanatics. ShopRunner is led by former Yahoo Inc. Chief Executive Scott Thompson. Yahoo owns a 24% stake in Alibaba. Alibaba is preparing for an initial public offering in Hong Kong, though Alibaba’s Chairman Jack Ma is reportedly considering moving the IPO to a New York-based exchange.
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